Providing a revolutionary cryptocurrency exchange 2.0 which is safe, secure and regulated with Tokens held of the exchange itself. BTC Exchange platform allows users to trade any cryptocurrency through a single point of access from anywhere at anytime.
BTC Exchange is a spin off of another company in Lithuania called Mistertango. BTC Exchange became independed later on while maintaining it’s relation with Mistertango. The BTC Exchange team consist of IT professionals that thrive to keep the exchange one step ahead and provide the best service.
The layout of the website is old age and less informative, the team is public and listed on the Exchange website. BTC Exchange is mainly focusing on EUR trading pairs and currently trading only BTC/EUR, ETH/EUR, BCH/EUR, XRP/EUR, USDC/EUR and BTC/USDC.
Near the foot of San Francisco’s California Street stand the august stone pillars of a bank dating to the 19th century. A few paces away sit the offices of Coinbase, the largest American exchange for cryptocurrencies like bitcoin. It’s a beehive of software engineers and young marketing executives. There, the worlds of by-the-books banking and crypto-anarchism collide.
In style and philosophy, Brian Armstrong, the 37-year-old billionaire cofounder and CEO of Coinbase, is in the camp of the financial anarchists. He sits, jammed alongside lieutenants, in a row of tiny desks resembling library carrels. He wears a black T-shirt, black pants and shiny white sneakers. He talks about a brave new world in which we are liberated from the shackles of giant banks and government-controlled money supplies. During an expansive interview, this usually reserved and press-shy entrepreneur declares why he got into this business: “I wanted the world to have a global, open financial system that drove innovation and freedom.”
In following a business model, though, Armstrong fits in with the pinstriped financiers working down the block. Eight years after its start, his firm has opened 35 million accounts, presides over $21 billion of assets and is on target, we estimate, to top $800 million in revenue this year.
That success comes from acting like a bank. Coinbase draws in customer funds via bank wires. It stores its assets—numerical keys that unlock coins—in vaults. It boasts of insurance coverage from Lloyd’s of London. It has a security staff of 41, including an Iraq War veteran assessing perimeter risks and a Ph.D. cryptographer doing the same for mathematical assaults.
The selling proposition here is security—security conspicuously lacking at some of the exchanges with which Coinbase has competed. The Mt. Gox exchange in Japan went bust in 2014 after hackers spirited away coins worth $480 million. Customers of QuadrigaCX, which was one of Canada’s largest exchanges, have been unable to retrieve $150 million in crypto since the founder supposedly died suddenly in December 2018, holding the only set of keys to unlock their money. They now want the body exhumed.
In order to capture a gilt edge, though, Armstrong has had to veer away from the antiestablishment ethos that got bitcoin going. He plays ball with government inspectors, for example.
The Coinbase compliance staff, already numbering 55, is expected to grow to 70 by quarter’s end. They comb through transactions looking for money laundering. They will conform to a controversial new rule that mandates a paper trail when customers move coins from one exchange to another. Coinbase dutifully sends 1099-K reports to the IRS on traders who in one year do 200 or more trades involving a combined $20,000 or more in proceeds.
Given all this snitching, how does Coinbase appeal to diehard crypto fans? One way is by having a menu that includes 26 newer currencies, some of which are explicitly designed to offer more privacy than bitcoin does. The other is a service, introduced in August 2018, that enables a customer to move bitcoin into a personal wallet exempt from know-your-customer and anti-money-laundering regulations.
“If you are an individual and you want to store your own cryptocurrency, you’re not a financial service business,” says Armstrong, mindful of any U.S. Financial Crimes Enforcement Network cops who might be listening. “And there are companies, including us, who provide tools for people to store their own cryptocurrency and use it.”
Born near San Jose to engineer parents, Armstrong displayed an entrepreneurial streak as early as grade school. He recalls being hauled into the principal’s office on charges of operating a candy-reselling venture on the playground. The business flings continued with a scheme to resell used computers and, after he earned a master’s degree in 2006 from Rice University, a startup that matched tutors to students. He worked on the education venture while living in Buenos Aires. “I had just decided, I’ve never been to South America. I want to travel for a year and try to work on this remotely as an adventure. Figure out what I want to do with my life,” he says. “[It] was an interesting experience to see the financial system in another country like that, that had gone through hyperinflation.”
Later, as a coder at Airbnb, Armstrong had his crypto epiphany. His employer was sending money to landlords in Latin America. He describes the process this way: “High fees . . . long delays . . . opaque. We’d try sending money to somebody in Uruguay and didn’t know how much would show up on the other side.”
“I wanted the world to have a global, open financial system that drove innovation and freedom.”
In 2010 he read the manifesto, published by a person (or persons) under the alias Satoshi Nakamoto, that proposed bitcoin as an underground currency. Its transactions are recorded on a ledger called the blockchain, maintained in duplicated computer files by a band of self-appointed guardians called nodes. Disputes about transactions and ground rules are resolved by majority vote. The nodes are kept honest, and trouble-makers at bay, by requiring a participant in the network to engage in some arithmetic busywork before certifying a batch of transactions. A node who completes the arithmetic task is awarded a few new coins.
The busywork, called mining, did not interest Armstrong. But he did see an opportunity in the business of safeguarding the keys to the coins and setting up transactions. Anybody can do that with some readily available software, but if you mishandle the protocol your coins will be stolen or lost.
Armstrong took a flyer on bitcoins, buying $1,000 worth at $9 a coin. The price sank to $2. He kept the faith.
It was fun. Was it worth quitting his day job? A $150,000 capital infusion from Y Combinator, source of seed funding to Airbnb and many other illustrious startups, answered that question in 2012. Fred Ehrsam, a Goldman Sachs alum, joined the venture and gave Coinbase credibility with the banks that would be wiring money to it.
Venture capitalists, led by Andreessen Horowitz, have showered half a billion dollars on Coinbase. “It’s like if Google made Gmail for bitcoin,” says Chris Dixon, an Andreessen partner who serves on the Coinbase board. “And that’s literally the way they described it.”
Its last round of funding valued Coinbase at $8.1 billion. Ehrsam, 31, has since left Coinbase but retains a stake; he keeps busy arranging venture capital for startups that aim to use cryptocurrencies and blockchains to build transaction networks for corporations.
The essence of what Armstrong has in mind can be captured in the word defi, which stands for decentralized finance or, if you prefer, defiance of authority. Defi is supposed to reach into all aspects of wealth; someday, supposedly, blockchains will support trading, peer-to-peer lending and loan collateralization without the usual financial institutions as intermediaries. Intriguingly, Coinbase has a broker/dealer license. Could it someday end-run stock exchanges? Maybe.
If the grand vision for Coinbase is to be a gateway to decentralized finance of all sorts, the revenue for now is coming from more mundane things like trading commissions. Coinbase allows amateurs to go in and out of crypto, or swap one crypto for another, for fees and spreads that come to 2% or so. At archrival Binance, these small-fry speculators would pay 90% less, but they’d be dealing with a firm that mostly inhabits the shadowy world of offshore finance. Malta-based Binance has only a small presence in the U.S.
Serious traders get a better deal. They use Coinbase Pro, a different platform that replicates the bid-and-ask order book of a stock exchange; here the combined buyer and seller commission ranges from 1% for small trades down to 0.07% at the $100 million level.
Somewhat more than half of Coinbase Pro’s trading volume comes from algorithmic trading. Furious trading doesn’t look socially productive, but it lubricates the capital markets. Bid/ask spreads on bitcoins, now worth $9,300 apiece, are measured in dimes. In percentage terms, the crypto spread competes with the spread on the very liquid SPDR S&P 500 ETF.
The trouble with commission income is that it’s extremely sensitive to crypto prices. When bitcoin collapses, as it did in 2018, trading volume shrinks and the dollar revenue from each coin goes down.
So Coinbase is trying to create stable revenue streams to balance out the commissions. A big one, says Alesia Haas, the company’s chief financial officer, is coming from a custody operation for institutional clients. This digital warehouse, greatly expanded by Coinbase’s acquisition last August of Xapo’s institutional business, holds $8 billion of bitcoins and other cryptocurrencies.
“We’d try sending money to somebody in Uruguay and didn’t know how much would show up on the other side.”
A new revenue source is “staking.” Here, the holder of certain coins, such as tezos and EOS, collects fees for confirming transactions on the network. There is no electricity-gobbling busywork calculation as with bitcoin, but some finesse is needed, because messing up the recipe causes the player’s stake to be confiscated. Coinbase handles the details and splits stake revenue with its customers. It’s rather like a stockbroker lending out your margined securities to short-sellers, except that there you’re unlikely to get cut in on the revenue. Click here to read more about the tax implication of crypto investing.
Another Coinbase product, called USD Coin, developed in partnership with cryptocurrency exchange Circle, lets customers put up U.S. dollars in exchange for a cryptocurrency that has the same value but can be traded more quickly. The dollars in question earn interest that Coinbase shares with its customers.
Coinbase says it handled $80 billion of transactions last year. (Binance boasts of a daily volume that annualizes to $1 trillion.) Is that enough for a profit? CFO Haas allows that the bottom line flits in and out of the plus column from month to month. But, she adds, if you exclude non-cash items like charges for goodwill amortization and the hypothetical value of employee options, Coinbase has been solidly in the black for several years.
In a firm fixated on growth, the money goes out the door almost as quickly as it comes in. Coinbase has quadrupled its staff to 1,000 since hiring chief operating officer Emilie Choi two years ago. At headquarters, construction workers can barely keep up with the new hires streaming out of the onboarding room. There are offices in New York, Dublin and Tokyo. And then there are bets on the future.
Choi, who came to Coinbase after doing business development at LinkedIn, has taken the venture capital portfolio from nothing to 60 firms. It includes Bison Trails in New York City and Alchemy in San Francisco, both aiming to help corporations use blockchains, and Amber Group in Shenzhen, China, which is applying artificial intelligence to cryptocurrency trading. Says Choi: “A lot of the stuff that we’re doing in the venture side of the house is things we probably wouldn’t do as a principal but that we think are really interesting.”
Armstrong adds, “These venture bets could be huge, but we don’t know if they’re gonna work. And they actually should have a pretty high rate of failure. Otherwise, we’re not thinking big enough.”
Crypto has been condemned as rat poison by Warren Buffett, as a fraud by Jamie Dimon and the mother of all scams by doomsday economist Nouriel Roubini. Where’s the payoff to the economy?
It’s coming, Armstrong says. He posits a future in which thousands of startups use crypto to raise capital in a global marketplace no longer controlled by Wall Street firms. Within a decade, he predicts, the number of people participating in the blockchain economy will explode from 50 million to 1 billion. We are destined to enjoy a financial system that is “more global, more fair, more free and more efficient.”
There is an emotional component to the quest for financial liberation. Coinbase’s newly hired chief product officer, Surojit Chatterjee, talks about what happened when India all but destroyed currency holdings in a surprise attack on the money supply. His 80-year-old father spent five hours in line to retrieve the equivalent of $30.
Many countries, including Mexico, Argentina, Russia and Cyprus, have perpetrated wealth confiscations of this sort, in which some store of value is frozen or forcibly converted into something less valuable. The U.S. is an offender, too. FDR seized gold in 1933, replacing it with pieces of paper that have since lost 95% of their value.
Like gold, bitcoin is too cumbersome to be used as a means of exchange. The convoluted mechanism for adding transactions to the ledger means it takes 10 minutes to confirm a payment and that only four transfers can take place per second. You can’t run a global economy on that.
Solutions are on the way, Armstrong says. One is to consider bitcoin a store of value and add a layer atop it for transactions, much the way a quiescent base of vault currency and Federal Reserve deposits supports a torrent of checks and electronic payments in the banking system. The other is to create new digital currencies built with transaction speed in mind. Among the ones Coinbase supports are litecoin and bitcoin cash.
Coinbase has a broker/dealer license. Could it someday end-run stock exchanges?
In December, Coinbase got a first-of-its-kind authorization from Visa to issue debit cards that allow holders to make purchases at the 46 million locations (including ATMs) that accept Visa, and have the money drawn from a Coinbase account holding cryptocurrencies. Initially, these debit cards will be available to residents of 29 countries, but not the U.S. Still, Coinbase could eventually develop its Visa authorization into yet another business line: issuing credit cards on behalf of other crypto exchanges.
Banks, meanwhile, aren’t missing the opportunity to redesign payment networks using old-fashioned dollars. Zelle, an instant-payment system run by a consortium of big banks, ran $187 billion of traffic last year, putting it well ahead of PayPal’s Venmo. Zelle is mostly aimed at retail clients doing things like splitting dinner tabs, but has handled transactions as large as $3.2 million.
No question, disruptive technology is coming to the banking system, and Coinbase will be a part of it. It is the only outfit to appear on both the Forbes Fintech 50 and Blockchain 50 lists. But Armstrong is going to have plenty of competition, starting with central banks, which are plotting their own digital currencies. Facebook hasn’t given up on Libra, which is intended to be a globally accessible digital currency backed by assets like dollars and euros.
Let a thousand flowers bloom, says Armstrong. “When I started Coinbase, most people thought [blockchain] was crazy. Governments and the old guard, the blue chips, are now investing in this technology. So let’s just say that’s a very good thing.”
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China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months, according to a former employee of one of the institutions who is now an independent researcher. Paul Schulte, who worked as global head of financial strategy for China Construction Bank until 2012, says the largest bank in the world, the Industrial and Commercial Bank of China, the second largest bank in the world, his former employer, the Bank of China, the Agricultural Bank of China; two of China’s largest financial technology companies, Alibaba and Tencent; and Union Pay, an association of Chinese banks, will receive the cryptocurrency.
A separate source, who’s involved in the development of the cryptocurrency, dubbed DC/EP (Digital Currency/Electronic Payments), confirmed that the seven institutions would be receiving the new asset when it launches, adding that an eighth institution could also be among the first tier of recipients. The source declined to provide the name of the additional company. Speaking under terms of anonymity, the source, who previously worked for the Chinese government, confirmed that the technology behind the cryptocurrency has been ready since last year and that the cryptocurrency could launch as soon as November 11, China’s busiest shopping day, known as Singles Day.
At the time of launch, the recipient institutions will then be responsible for dispersing the cryptocurrency to 1.3 billion Chinese citizens and others doing business in the renminbi, China’s fiat currency, according to the source. The source added that the central bank hopes the currency will eventually be made available to spenders in the United States and elsewhere through relationships with correspondent banks in the West. “That’s the plan, but that won’t happen right away,” the source said.
The plan to use a diverse set of China’s trusted intuitions to disperse the cryptocurrency is reminiscent of a number of other ideas currently percolating around the world. For instance, Facebook’s planned libra cryptocurrency will be backed by a basket of currencies issued by central banks with support from companies like Mastercard and Uber in the United States, Vodaphone in England and Mercado Pago in Argentina. And last week, Bank of England governor Mark Carney floated the idea of a new currency backed by a number of central banks to replace the U.S. dollar as the global reserve currency.
What sets China’s DC/EP apart from libra and Carney’s “synthetic hegemonic currency” (SHC), according to Shulte, is that while libra is little more than early-stage computer code and the SHC doesn’t appear to have gone much further than Carney’s mind, the Chinese cryptocurrency is ready to launch. “China is barreling forward on reforms and rolling out the cryptocurrency,” says Schulte, who now runs an eponymous bank research firm. “It will be the first central bank to do so.”
At the time of publication, neither the People’s Bank of China nor any of the seven institutions mentioned by Schulte had responded to Forbes requests to confirm or deny his claim. However, the two-tiered strategy, where the central bank creates the currency and others distribute it, aligns with previously unreported statements made by Mu Changchun, deputy director of the Paying Division of the People’s Bank of China (PBOC) and the new head of China’s cryptocurrency research lab. In a speech on August 10 at the China Finance 40 Forum, since revised and posted on the PBOC’s WeChat channel, Mu described the central bank’s “two-tiered” system, wherein the bank would create the cryptocurrency and a small group of trusted commercial businesses would “pay the central bank 100% in full” to be allowed to distribute it.
In addition to preventing regional banks and other organizations from being disintermediated, Mu said the two-tiered system is designed to “curb” public demand for other cryptographic assets, consolidate China’s national currency sovereignty, ensure that the central bank maintains control over monetary policy affecting the currency, increase the likelihood of people using the currency, distribute the risk of having all the authority directly in the hands of the central bank and encourage competition between the organizations that receive the cryptocurrency.
“This dual delivery system is suitable for our national conditions,” said Mu. “It can not only use existing resources to mobilize the enthusiasm of commercial banks but also smoothly improve the acceptance of the digital currency.”
The composition of the organizations Schulte says will receive the DC/EP also aligns with Mu’s comments. Later in his speech, Mu added that only after the technical specifications for the DC/EP were completed in 2018 did the central bank realize the similarity between its design and that of libra, the cryptocurrency being developed by Facebook and about 30 other early-stage partners.
One key difference, according to Mu, is that while libra is being designed to handle 1,000 transactions per second, the DC/EP was designed to handle 300,000 transactions per second. For context, Mu added that during last year’s Singles Day the peak volume of all transactions in China was 92,771 transactions per second, dwarfing what the other platforms could support, but well within the DC/EP specifications. “At present, we belong to a state of horse racing,” Mu said according to the translation.
How Blockchain Went From Bitcoin To Big Business| 37:20
The DC/EP can achieve this kind of volume only because it is not a “pure blockchain architecture,” according to Mu, and therefore it doesn’t need to wait for groups of transactions to settle in a block. Like other permissioned blockchains that not anyone can use, the DC/EP is centrally managed, in this case by the central bank, meaning the digital currency remains a liability of the bank and the debtor/creditor relationship is unchanged, according to Mu. Also, instead of using an algorithm to limit supply, like bitcoin, Mu says the PBoC itself will control supply. Crucially, Mu says, the DC/EP is being designed to replace the physical notes and coins in circulation, not the renminbi sitting in bank accounts in a digital form.
“The central bank’s digital currency can be circulated as easily as cash,” said Mu. “Which is conducive to the circulation and internationalization of the renminbi.”
Whether anyone outside China would actually use a digital renminbi for transactions in their own country is unclear. As the Bank of England governor’s comments about replacing the U.S. dollar indicate, much of the world is tired of having their financial stability tied to the United States’ monetary system. But China may not be the best alternative. Earlier this month, as part of the escalating trade war between the United States and China, U.S. President Trump accused China of being a “currency manipulator.” After China’s renminbi fell to its lowest in 11 years, hitting 6.9225 renminbi per dollar on August 5, according to a Financial Times report, it has recovered significantly, trading at 7.15 renminbi per dollar today. While China has denied the charge and called the U.S. “protectionist” in a press statement, the perception of manipulation could be harmful to broader adoption of a digital currency linked to the renminbi.
In December 2017, another country accused of devaluing its currency, Venezuela, revealed plans for its own cryptocurrency, backed by oil and called the petro. After much hullabaloo, the currency somewhat officially launched in 2018, but it isn’t available on most international exchanges because of a U.S. embargo and has been almost impossible to accurately value. Another obstacle to adoption could be uncertainty about the benefits of a technology that’s intended to replace fiat currency but is still under centralized control. While it’s obvious that any central bank wishing to more closely observe how citizens are using a cryptocurrency would prefer a transparent ledger like the bitcoin blockchain, which makes transactions easily traceable, most of the benefits to users of current blockchains, such as instant settlement and digital transactions without the need of a middleman, could be undermined by central control.
One person who’s not concerned about the obstacles to adoption of China’s cryptocurrency is Charles Liu, chairman of HAO International, a private equity firm investing over $700 million in Chinese growth companies. After largely focusing on solar, organic fertilizer, and wastewater treatment technologies since 2012, Liu says he is an angel investor in “the first blockchain company to be able to sign an official contract with the People’s Bank” of China.
Liu declined to reveal the name of the firm or its technology but lent support to Mu’s comments about the potential benefits to businesses using China’s cryptocurrency. In addition to being a more efficient way to track money laundering, bribery and other transactions, Liu says, the cryptocurrency will give banks increased confidence in the creditworthiness of borrowers, let merchants receive payments instantly and lower transaction fees. While Liu says that banks in the United States have been resistant to such improvements that eat away at their bottom line, he adds that China doesn’t have that problem, because the government owns the banks.
“What will facilitate commercial transactions and enhance efficiency, the central government decides and they go ahead and do it,” says Liu, adding that “China’s strategic plan is to integrate more closely with the rest of the world. Cryptocurrency is just one of the means to have a more internationalized renminbi. It’s all strategic. It’s all long term.”
I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies such as Bitcoin, Ethereum and Ripple, and extends to non-cryptocurrency applications of blockchain in finance, supply chain management, digital identity and a number of other use cases. Previously, I was a staff reporter at blockchain news site, CoinDesk, where I covered the increasing willingness of enterprises to explore how blockchain could make their work more efficient and in some cases, unnecessary. I have been covering blockchain since 2011, been published in the New Yorker, and been nationally syndicated by American City Business Journals. My work has been published in Blockchain in Financial Markets and Beyond by Risk Books and I am regularly cited in industry research reports. Since 2009 I’ve run Literary Manhattan, a 501 (c) (3) non-profit organization dedicated to showing Manhattan’s rich literary heritage.
There is now a plethora of Telegram bots out there that label themselves as bitcoin miners, Ethereum miners or just generic ‘Crypto’ miners. Scratch the surface and you’ll soon discover that the vast majority are just scams.
You could pour hours into these little bots gradually building up Satoshi’s, gems etc but then comes the glorious day of withdrawing your “earnings” and you are told you don’t have enough points or keys to withdraw the minimum amount. Let me save you hours more time by saying its virtually impossible to acquire these keys/points and you may as well delete the channel.
Here is a list of a few of these scam bots:
Myself and a group of others are constantly testing these bots to the point of withdraw and they all end up the same! “You do not have enough points to withdraw minimum amount”. The list I give is small but there are probably hundreds of others out there or in the pipelines to be released soon.
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Telegram Auto Mining Robot: fully automatic mining bot.
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Anthony Pompliano thinks the party is just getting started.Pompliano has predicted that the Bitcoin price will reach $100,000 by the end of 2021, and he was recently asked to explain his point of view during an interview with CNN’s Julia Chatterley.
Digital Gold and Loose Monetary Policy
In the past, Pompliano has described the trend towards loose monetary policy combined with Bitcoin’s upcoming halving event as the “perfect storm” for the rise of the digital asset. Pompliano explained this theory during his CNN interview.
“Whenever we get to a recessive period or kind of slowing growth, central banks have kind of two tools: They can cut interest rates, which they did yesterday, and they can print money (quantitative easing). And so, when they do both of those things, it usually takes anywhere between 6 to 18 months to feel the effect of those tools, and what it’s going to do is it’s going to coincide with the Bitcoin halving,” said Pompliano.
A halving event in Bitcoin is when the amount of Bitcoin that are generated by miners every ten minutes is cut in half. Bitcoin’s monetary policy was “set in stone” when the network went live back in 2009, and the scheduled issuance of new Bitcoin is halved roughly every four years.
Originally, 50 Bitcoin were created every ten minutes. Next year, the number of new Bitcoin created in each new block will drop from 12.5 to 6.25.
While gold has historically been viewed as a safe haven asset in times of monetary easing, Pompliano covered a couple of the benefits of Bitcoin over gold during his CNN interview.
“The difference is, between Bitcoin and gold, with Bitcoin, we know exactly how many is getting created, so 1,800 Bitcoin are going to be created today. The second thing is we know the total supply available, which is 21 million. So, it’s not: Hey I wonder how much is in the ground. We know exactly how much it is, and we can actually go and audit or verify the software code of the system,” said Pompliano.
I’m a writer who has been following Bitcoin since 2011. I’ve worked all over the Bitcoin media space — from being editor-in-chief at Inside Bitcoins to contributing to Bitcoin Magazine on a regular basis. My work has also been featured in Business Insider, VICE Motherboard, and many other financial and tech media outlets. I’m mostly interested in the use of Bitcoin for transactions that would be censored by the traditional financial system (think darknet markets and ransomware) in addition to the use of bitcoin as an unseizable, digital store of value. Altcoins, appcoins, and ICOs don’t make much sense to me. Find all of my work at kyletorpey.com. Disclosure: I hold some bitcoin.
Grayscale, which claims to be the world’s largest bitcoin and digital currency asset manager, is today announcing Coinbase Custody will serve as custodian of the underlying assets for its products, and is expected to transfer nearly $3 billion of assets in fewer than 12 hours to Coinbase.
Coinbase Custody, which is operated as a standalone, independently-capitalized business to Coinbase, will now will oversee Grayscale’s cryptocurrency holdings, including bitcoin, bitcoin cash, ethereum, litecoin, and Ripple’s XRP, among other major tokens, as well as Grayscale’s publicly quoted cryptocurrency trusts and its Grayscale Digital Large Cap Fund, which provides exposure to bitcoin and crypto through a market cap-weighted portfolio.
“Grayscale and Coinbase have led the way in providing safe, secure, trustworthy, and regulated access to digital assets. Grayscale is an established, trusted, and valuable partner to its clients and its service providers should be the same,” said Sam McIngvale, Coinbase Custody chief executive.
“As a NY State-chartered trust company, Coinbase Custody is held to the same fiduciary standards as national banks. We also offer some of the broadest and deepest insurance coverage in the crypto industry.”
Last month, Coinbase, the largest U.S. cryptocurrency exchange and wallet service, boasted it has signed up 30 million users since launching in 2012, with eight million new users added over the last 12 months.
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
Cryptocurrency investment app Abra has revealed it’s set to restrict services for users in the United States over continued regulatory uncertainty.
According to a blog post the company published. It’ll adjust its offering in the country in an effort to “continue to be compliant and cooperative with US regulations as they currently exist.” This means Abra users in the US will see the firm restrict its services.
The blog post reads:
As a part of this effort we are migrating any synthetic assets to a native hosted wallet solution. On Abra, these are defined as anything other than Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
As such, users in the US will no longer be able to hold QTUM, bitcoin gold (BTG), Status (SNT) and OmiseGO (OMG) on the platform after August 29. Those who have positions in these cryptocurrencies are advised to withdraw their funds before said date, as any remaining balances will be automatically converted to BTC.
Those in New York will be more affected than others, as they will no longer to able to use wire transfers, bank Automated Clearing House (ACH), Or American Express cards to deposit and withdraw funds from Abra’s app.
The service also allows users to gain exposure to indexes like the S&P 500 and the Russell 2000. This won’t, however, give them ownership of the assets themselves, meaning those who use the app to invest won’t, for example, receive dividends from stocks.
Helsinki-based peer-to-peer exchange LocalBitcoins has reportedly removed the option allowing users to buy or sell cryptocurrencies in person for cash.
In a Reddit post Sunday, a LocalBitcoins user pointed out the option was no longer available on the platform, though commenters some suggested the restriction might be limited to the U.S..
The removal of the option – which basically acts as a matchmaker for users to make trades in person – effectively bars LocalBitcoin users from selling and buying bitcoin for cash. LocalBitcoins has also cancelled pending fiat trades, other comments suggest.
The platform has not yet made an official announcement about the change on its blog or Twitter.
In response to the move, LocalEthereum announced has temporarily removed the trading fee on cash-in-person exchanges – effective June 1 to July 1.
LocalBitcoins’ move comes after the company announced in February that it would comply with the European Union’s (EU) new anti-money laundering directive.
Several other P2P cryptocurrency trading platforms still offer an in-person cash option.
The architecture of Bither is designed to minimize the computational resources required for safeguarding the network, by doing so, a portion of the computing power, by the miners’ choice and in a democratic way can be driven towards scientific projects that are in need of computing power to process big data.
In this way, Bither provides PoW consensus mechanism with a more efficient framework. One of the Bither’s features is the merged mining, this is a powerful incentive to draw more miners to Bither’s network. Miners would be able to mine all customized tokens located on the second layer, not just the main coin (BTR).
Bither Platform benefits from a more efficient, flexible, modular-based and user-friendly set of features that even currently-existing blockchains with a second layer solution do not. As an example, in Bither, users can add a third layer to their network located in the second layer. Such a feature makes them able to define multiple tokens and make their project better structured.
To conclude, the Bither platform while providing all the features of current blockchains such as protecting the network with PoW, tokenization and smart contracts, it aims to push blockchain technology one step further in order to have a place in a green and eco-friendly future and to be a great help for science to afford to process big data. Besides these, Bither has brought many innovations to make its platform more efficient and user-friendly.